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SAN IHANUISCOHUHLIL UUIiwHi 



1223 07086 4062 CALENDAR 

RETIREMENT BOARD 

PUBLIC INVESTMENT COMMITTEE 

CITY AND COUNTY OF SAN FRANCISCO 

30 Van Ness Avenue, Suite 3000 
San Francisco, CA 94102 



PUBLIC INVESTMENT COMMITTEE 

Commissioner Brenda Wright (Chair) 

Commissioner Herb Meiberger 

Commissioner E. David Ellington 

Jay, October 17, 2003 
8:30 am 



DOCUMENTS DEPT. 
OCT 1 4 2003 

SAN FRANCISCO 
PUBLIC LIBRARY 




incisco Public Library 



Jmrnent Informal; ;:• Center 
Francisco Public Library 
Larkin Street, 5th Floor 
francisco.CA 94102 

RENCE BOOK 

\e taken from the Library 



have an opportunity to directly address the Public Investment 
t to the public that are within the subject matter jurisdiction of the 
icluding items being considered today. Members of the public may 
Committee now or at the time an item on today's agenda is being 
■ublic may address the Public Investment Committee for up to five 
le total testimony to 30 minutes. 



ional Finalists. 



Discussion of Emerging Manager Program Guidelines. 

Discussion Only 



Update on the Small Cap Growth Equity Request for Proposal (RFP) 

Discussion Only 



D 

REF 

351.5 

Sa528 

2003-05 



Adjournment 




" 



CALENDAR 

RETIREMENT BOARD 

PUBLIC INVESTMENT COMMITTEE 

CITY AND COUNTY OF SAN FRANCISCO 

30 Van Ness Avenue, Suite 3000 
San Francisco, CA 94102 

PUBLIC INVESTMENT COMMITTEE 

Commissioner Brenda Wright (Chair) 

Commissioner Herb Meiberger 

Commissioner E. David Ellington 

Friday, October 17, 2003 
8:30 am 



DOCUMENTS DEPT. 
OCT 1 4 2003 

SAM FRANCISCO 
PUBLIC LIBRARY 



Roll Call 



Pledge of Allegiance 



Public Comment 

Members of the public shall have an opportunity to directly address the Public Investment 
Committee on items of interest to the public that are within the subject matter jurisdiction of the 
Public Investment Committee including items being considered today. Members of the public may 
address the Public Investment Committee now or at the time an item on today's agenda is being 
considered. Members of the public may address the Public Investment Committee for up to five 
minutes. The Chair may limit the total testimony to 30 minutes. 



Review of Small Cap International Finalists. 

Discussion Only: 



Discussion of Emerging Manager Program Guidelines. 

Discussion Only 



Update on the Small Cap Growth Equity Request for Proposal (RFP) 

Discussion Only 



Adjournment 



Disability Access 

The San Francisco Employees' Retirement System is wheelchair accessible. Accessible seating is available for 
persons with disabilities. To obtain a disability-related modification or accommodation, including large print 
agendas, American Sign Language interpreters, FM sound amplification system and auxiliary aids or services, 
please contact Shauna Rose at 415-487-7025 at least two (2) business days before the meeting. 

Accessible parking is available at Fell and Van Ness Avenue parking lot. Accessible MUNI lines are available at 
the corner of Market Street and Van Ness Avenue. The closest accessible BART station is Civic Center Station. 

All materials to be considered or acted upon by the Board shall be available for public review 24 hours prior to the 
Board meeting. For additional information, please contact Shauna Rose, Executive Assistant at 487-7025. 

In order to assist the City's efforts to accommodate persons with severe allergies, environmental illness, multiple 
chemical sensitivity or related disabilities, attendees at public meetings are reminded that other attendees may be 
sensitive to various chemical based products. Please help the City to accommodate these individuals. 

The ringing of and use of cell phones, pagers and similar sound-producing electronic devices are prohibited at this 
meeting. Please be advised that the Chair may order the removal from the meeting room of any person(s) 
responsible for the ringing or use of a cell phone, pager, or other similar sound-producing electronic devices. 

Know Your Rights Under the Sunshine Ordinance 
(Chapter 67 of the San Francisco Administrative Code) 

Government's duty is to serve the public, reaching its decisions in full view of the public. Commissions, boards, 
councils and other agencies of the City and County exist to conduct the people's business. This ordinance 
assures that deliberations are conducted before the people and that City operations are open to the people's 
review. FOR MORE INFORMATION ON YOUR RIGHTS UNDER THE SUNSHINE ORDINANCE OR TO 
REPORT A VIOLATION OF THE ORDINANCE, CONTACT THE SUNSHINE ORDINANCE TASK FORCE. 

Donna Hall 

Sunshine Ordinance Task Force 

1 Dr. Carlton B. Goodlett Place, Room 244 

San Francisco, CA 94102-4689 

Office: (415)554-7724 Fax: (415)554-7854 

E-Mail: donna.hall@sfgov.org 

Copies of the Sunshine Ordinance can be obtained from the Clerk of the Sunshine Task Force, the San Francisco 
Public Library and on the City's website at www.sfgov.org/sunshine.htm 

Lobbyist Registration and Reporting Requirements 

Individuals and entities that influence or attempt to influence local legislative or administrative action may be 
required by the San Francisco Lobbyist Ordinance (San Francisco Campaign and Governmental Conduct Code 
sections 2.100 - 2.160) to register and report lobbying activity. For more information about the Lobbyist 
Ordinance, please contact the Ethics Commission at 30 van ness Avenue, Suite 3900, San Francisco, CA 94102, 
telephone (415) 581-2300, fax (415) 581-2317 and web site: www.sfgov.org/ethics 




CALENDAR 

RETIREMENT BOARD 

PUBLIC INVESTMENT COMMITTEE 

CITY AND COUNTY OF SAN FRANCISCO 

30 Van Ness Avenue, Suite 3000 
San Francisco, CA 94102 



PUBLIC INVES T MENT COMMITTEE 

Commissioner Brenda Wright (Chair) 

Commissioner Herb Meiberger 

Commissioner E. David Ellington 

Tuesday, February 17, 2004 
8:30 am 



DOCUMENTS DEPT. 
FEB 1 2 2004 

SAN FRANCISCO 

PUBLIC LIBRARY 



Roll Call 



Pledge of Allegiance 



Public Comment 

Members of the public shall have an opportunity to directly address the Public Investment 
Committee on items of interest to the public that are within the subject matter jurisdiction of the 
Public Investment Committee including items being considered today. Members of the public may 
address the Public Investment Committee now or at the time an item on today's agenda is being 
considered. Members of the public may address the Public Investment Committee for up to five 
minutes. The Chair may limit the total testimony to 30 minutes. 



Discussion of Criteria and Request for Proposals for Manager of Managers for Emerging 
Manager Program 

Discussion Only: 



Discussion of International Equity Sub-Asset Class Allocation Recommendation 
Discussion Only: 



Discussion of Currency Management Program (Tentative) 



4. Adjournment 



3 1223 07086 4062 




CALENDAR 

RETIREMENT BOARD 

PUBLIC INVESTMENT COMMITTEE 

CITY AND COUNTY OF SAN FRANCISCO 

30 Van Ness Avenue, Suite 3000 
San Francisco, CA 94102 



PUBLIC INVESTMENT COMMITTEE 

Commissioner Brenda Wright (Chair) 

Commissioner Herb Meiberger 

Commissioner E. David Ellington 

Tuesday, May 18, 2004 
11:00 am 



Roll Call 



Pledge of Allegiance 



DOCUMENTS DEPT. 
MAY 1 3 2004 

SAN FRANCISCO 
PUBLIC LIBRARY 






Public Comment 

Members of the public shall have an opportunity to directly address the Public Investment 
Committee on items of interest to the public that are within the subject matter jurisdiction of the 
Public Investment Committee including items being considered today. Members of the public may 
address the Public Investment Committee now or at the time an item on today's agenda is being 
considered. Members of the public may address the Public Investment Committee for up to five 
minutes. The Chair may limit the total testimony to 30 minutes. 



Discussion of Process and Proposed Semi-finalists for Manager of Emerging Manager 

Discussion Only: 



Review of the Forward Calendar of Public Investment Issues/Activities 

Discussion Only: 

Adjournment 



Disability Access 

The San Francisco Employees' Retirement System is wheelchair accessible. Accessible seating is available for 
persons with disabilities. To obtain a disability-related modification or accommodation, including large print 
agendas, American Sign Language interpreters, FM sound amplification system and auxiliary aids or services, 
please contact Shauna Rose at 415-487-7025 at least two (2) business days before the meeting. 

Accessible parking is available at Fell and Van Ness Avenue parking lot. Accessible MUNI lines are available at 
the corner of Market Street and Van Ness Avenue. The closest accessible BART station is Civic Center Station. 

All materials to be considered or acted upon by the Board shall be available for public review 24 hours prior to the 
Board meeting. For additional information, please contact Shauna Rose, Executive Assistant at 487-7025. 

In order to assist the City's efforts to accommodate persons with severe allergies, environmental illness, multiple 
chemical sensitivity or related disabilities, attendees at public meetings are reminded that other attendees may be 
sensitive to various chemical based products. Please help the City to accommodate these individuals. 

The ringing of and use of cell phones, pagers and similar sound-producing electronic devices are prohibited at this 
meeting. Please be advised that the Chair may order the removal from the meeting room of any person(s) 
responsible for the ringing or use of a cell phone, pager, or other similar sound-producing electronic devices. 

Know Your Rights Under the Sunshine Ordinance 
(Chapter 67 of the San Francisco Administrative Code) 

Government's duty is to serve the public, reaching its decisions in full view of the public. Commissions, boards, 
councils and other agencies of the City and County exist to conduct the people's business. This ordinance 
assures that deliberations are conducted before the people and that City operations are open to the people's 
review. FOR MORE INFORMATION ON YOUR RIGHTS UNDER THE SUNSHINE ORDINANCE OR TO 
REPORT A VIOLATION OF THE ORDINANCE, CONTACT THE SUNSHINE ORDINANCE TASK FORCE. 

Donna Hall 

Sunshine Ordinance Task Force 

1 Dr. Carlton B. Goodlett Place, Room 244 

San Francisco, CA 94102-4689 

Office: (415)554-7724 Fax: (415)554-7854 

E-Mail: donna.hall@sfgov.org 

Copies of the Sunshine Ordinance can be obtained from the Clerk of the Sunshine Task Force, the San Francisco 
Public Library and on the City's website at www.sfgov.org/sunshine.htm 

Lobbyist Registration and Reporting Requirements 

Individuals and entities that influence or attempt to influence local legislative or administrative action may be 
required by the San Francisco Lobbyist Ordinance (San Francisco Campaign and Governmental Conduct Code 
sections 2.100 - 2.160) to register and report lobbying activity. For more information about the Lobbyist 
Ordinance, please contact the Ethics Commission at 30 van ness Avenue, Suite 3900, San Francisco, CA 94102, 
telephone (415) 581-2300, fax (415) 581-2317 and web site: www.sfgov.org/ethics 




CALENDAR 

RETIREMENT BOARD 

PUBLIC INVESTMENT COMMITTEE 

CITY AND COUNTY OF SAN FRANCISCO 

30 Van Ness Avenue, Suite 3000 
San Francisco, CA 94102 



PUBLIC INVESTMENT COMMITTEE 

Commissioner Brenda Wright (Chair) 

Commissioner Al Casciato 

Commissioner Michael Kim 

Tuesday, August 17, 2004 
10:00 am 



DOCUMENTS DEPT. 
AUG 1 2 2004 

SAN FRANCISCO 
PUBLIC LIBRARY 



Roll Call 

Pledge of Allegiance 



08 -12-04 Al 1 :49 RCVL 



Public Comment 

Members of the public shall have an opportunity to directly address the Public Investment 
Committee on items of interest to the public that are within the subject matter jurisdiction of the 
Public Investment Committee including items being considered today. Members of the public may 
address the Public Investment Committee now or at the time an item on today's agenda is being 
considered. Members of the public may address the Public Investment Committee for up to five 
minutes. The Chair may limit the total testimony to 30 minutes. 

Approval of Minutes of Tuesday, May 18, 2004 Public Investment Committee meeting. 

Action: 

Review of Suggested Methodology to be Used in Amending Sub Asset Class Targets and 
Ranges 

Discussion Only: 

Review of Suggested Amendments to Investment Policy Statement 
Discussion Only: 

Review of Requirements for Service Provider for Securities Litigation Services 

Discussion Only: 

Review of the Forward Calendar of Public Investment Issues/Activities 

Discussion Only: 



Adjournment 



Disability Access 

The San Francisco Employees' Retirement System is wheelchair accessible. Accessible seating is available for 
persons with disabilities. To obtain a disability-related modification or accommodation, including large print 
agendas, American Sign Language interpreters, FM sound amplification system and auxiliary aids or services, 
please contact Shauna Rose at 415-487-7025 at least two (2) business days before the meeting. 

Accessible parking is available at Fell and Van Ness Avenue parking lot. Accessible MUNI lines are available at 
the corner of Market Street and Van Ness Avenue. The closest accessible BART station is Civic Center Station. 

All materials to be considered or acted upon by the Board shall be available for public review 24 hours prior to the 
Board meeting. For additional information, please contact Shauna Rose, Executive Assistant at 487-7025. 

In order to assist the City's efforts to accommodate persons with severe allergies, environmental illness, multiple 
chemical sensitivity or related disabilities, attendees at public meetings are reminded that other attendees may be 
sensitive to various chemical based products. Please help the City to accommodate these individuals. 

The ringing of and use of cell phones, pagers and similar sound-producing electronic devices are prohibited at this 
meeting. Please be advised that the Chair may order the removal from the meeting room of any person(s) 
responsible for the ringing or use of a cell phone, pager, or other similar sound-producing electronic devices. 

Know Your Rights Under the Sunshine Ordinance 
(Chapter 67 of the San Francisco Administrative Code) 

Government's duty is to serve the public, reaching its decisions in full view of the public. Commissions, boards, 
councils and other agencies of the City and County exist to conduct the people's business. This ordinance 
assures that deliberations are conducted before the people and that City operations are open to the people's 
review. FOR MORE INFORMATION ON YOUR RIGHTS UNDER THE SUNSHINE ORDINANCE OR TO 
REPORT A VIOLATION OF THE ORDINANCE, CONTACT THE SUNSHINE ORDINANCE TASK FORCE. 

Donna Hall 

Sunshine Ordinance Task Force 

1 Dr. Carlton B. Goodlett Place, Room 244 

San Francisco, CA 94102-4689 

Office: (415)554-7724 Fax: (415)554-7854 

E-Mail: donna.hall@sfgov.org 

Copies of the Sunshine Ordinance can be obtained from the Clerk of the Sunshine Task Force, the San Francisco 
Public Library and on the City's website at www.sfgov.org/sunshine.htm 

Lobbyist Registration and Reporting Requirements 

Individuals and entities that influence or attempt to influence local legislative or administrative action may be 
required by the San Francisco Lobbyist Ordinance (San Francisco Campaign and Governmental Conduct Code 
sections 2.100 - 2.160) to register and report lobbying activity. For more information about the Lobbyist 
Ordinance, please contact the Ethics Commission at 30 van ness Avenue, Suite 3900, San Francisco, CA 94102, 
telephone (415) 581-2300, fax (415) 581-2317 and web site: www.sfgov.org/ethics 



San Francisco Employees: August 1 7. 2004 



Page 1 of 3 



@PQV 



sfgov I residents | business | government | visitors I onlim 
San Francisco Empoyees' Retirement System >> Meeting Information >> Public Investment Committee 



San Francisco Employees' Retirement System 
August 17, 2004 



s 



MINUTES 

Public Investments Committee 
CITY AND COUNTY OF SAN FRANCISCO 

30 Van Ness Avenue, Suite 3000 



San Francisco, CA 94102 

MISSION STATEjyiENT 

San Francisco City and County Employees' Retirement System is dedicated to securing, 

protecting and prudently investing the pension trust assets, administering mandated 

benefit programs, and providing promised benefits. 

Tuesday, August 17, 2004 

10:00 AM 

Roll Call: 

Present: Commissioner Brenda Wright (Chair) 

Commissioner Al Casciato 

Absent: Commissioner Michael Kim 

Public Comment 

Members of the public shall have an opportunity to directly address the Public Investment Committee on 
items of interest to the public that are within the subject matter jurisdiction of the Public Investment 
Committee including items being considered today. Members of the public may address the Public 
Investment Committee now or at the time an item on today's agenda is being considered. Members of the 
public may address the Public Investment Committee for up to five minutes. The Chair may limit the total 
testimony to 30 minutes. 

No Public Comment was offered 



DOCUMENTS DEPT. 
DEC 1 3 2006 

SAN FRANCISCO 
PUBLIC LIBRARY 



http://vvwAv.sfuov.orsi/site/sters page.asp?id=32724 



12/13/2006 



San Francisco Employees: August 17. 2004 Page 2 of 3 



1 . Approval of Minutes of Tuesday, May 18, 2004 Public Investment Committee meeting. 

Action: It was moved by Commissioner Casciato, seconded by Commissioner Wright, the minutes 
of the May 18, 2004 Public Investment Committee were approved as presented. 

Approved by the following vote: 

Ayes: Casciato, Wright 

Absent: Kim 

2. Review of Suggested Methodology to be Used in Amending Sub Asset Class Targets and 
Ranges 

Deputy Director for Investments David Kushner presented a report. 

Action: This was a discussion item only, no action taken. This matter will be calendared before a 
future meeting of the Retirement Board. 

3. Review of Suggested Amendments to Investment Policy Statement 

Deputy Director for Investments David Kushner presented a report. 

Action: This was a discussion item only, no action taken. This matter will be calendared before a 
future meeting of the Retirement Board. 

4. Review of Requirements for Service Provider for Securities Litigation Services 

Deputy Director for Investments David Kushner and Dan Maguire, Deputy City Attorney, presented a 
report. 

The Committee reviewed and discussed the report and engaged in a question and answer session. 

Action: This was a discussion item only, no action taken. This matter will be calendared before a 
future meeting of the Retirement Board. 

5. Review of the Forward Calendar of Public Investment Issues/Activities 

Deputy Director for Investments David Kushner presented a written report on this item. 

The Committee reviewed and discussed the Forward Calendar and engaged in a question and 
answer session on future items. 

Action: This was a discussion item only, no action taken. 

6. Adjournment 

There being no further business, the Public Investments Committee adjourned its meeting at 12:15 p.m. 
Respectfully submitted, 



Clare M. Murphy 



Mtrr/A»n»m/ cfn^i, nm/fito/ofow ™™ o m 9l A=1 0"70 A n/l^/OnHA 



San Francisco Employees: August 17. 2004 p a ge 3 of 3 



Executive Director 



http://www.sfeov.org/site/sfers page.asp?id=32724 1- 13 2006 




CALENDAR 

RETIREMENT BOARD 

PUBLIC INVESTMENT COMMITTEE 

CITY AND COUNTY OF SAN FRANCISCO 

30 Van Ness Avenue, Suite 3000 
San Francisco, CA 94102 



PUBLIC INVESTMENT COMMITTEE 

Commissioner Brenda Wright (Chair) 

Commissioner Al Casciato 

Commissioner Michael Kim 

Tuesday, March 15, 2005 
8:30 am 



DOCUMENTS DEPT. 
MAR 1 4 2005 

SAN FRANCISCO 
PUBLIC LIBRARY 



Roll Call 

Pledge of Allegiance 

Public Comment 

Members of the public shall have an opportunity to directly address the Public Investment 
Committee on items of interest to the public that are within the subject matter jurisdiction of the 
Public Investment Committee including items being considered today. Members of the public may 
address the Public Investment Committee now or at the time an item on today's agenda is being 
considered. Members of the public may address the Public Investment Committee for up to five 
minutes. The Chair may limit the total testimony to 30 minutes. 

Approval of Minutes of Tuesday, August 17, 2004 Public Investment Committee meeting. 

Action: 

Discussion of Evaluation Criteria for Public Investment Consultants 

Discussion Only: 

Discussion of Quarterly Performance Reporting 

Discussion Only: 



Adjournment 



Disability Access 

The San Francisco Employees' Retirement System is wheelchair accessible. Accessible seating is available for 
persons with disabilities. To obtain a disability-related modification or accommodation, including large print 
agendas, American Sign Language interpreters, FM sound amplification system and auxiliary aids or services, 
please contact Norman Nickens at 415-487-7025 at least two (2) business days before the meeting. 

Accessible parking is available at Fell and Van Ness Avenue parking lot. Accessible MUNI lines are available at 
the corner of Market Street and Van Ness Avenue. The closest accessible BART station is Civic Center Station. 

All materials to be considered or acted upon by the Board shall be available for public review 24 hours prior to the 
Board meeting. For additional information, please contact Norman Nickens, Executive Assistant at 487-7025. 

In order to assist the City's efforts to accommodate persons with severe allergies, environmental illness, multiple 
chemical sensitivity or related disabilities, attendees at public meetings are reminded that other attendees may be 
sensitive to various chemical based products. Please help the City to accommodate these individuals. 

The ringing of and use of cell phones, pagers and similar sound-producing electronic devices are prohibited at this 
meeting. Please be advised that the Chair may order the removal from the meeting room of any person(s) 
responsible for the ringing or use of a cell phone, pager, or other similar sound-producing electronic devices. 



Know Your Rights Under the Sunshine Ordinance 
(Chapter 67 of the San Francisco Administrative Code) 

Government's duty is to serve the public, reaching its decisions in full view of the public. Commissions, boards, 
councils and other agencies of the City and County exist to conduct the people's business. This ordinance 
assures that deliberations are conducted before the people and that City operations are open to the people's 
review. FOR MORE INFORMATION ON YOUR RIGHTS UNDER THE SUNSHINE ORDINANCE OR TO 
REPORT A VIOLATION OF THE ORDINANCE, CONTACT THE SUNSHINE ORDINANCE TASK FORCE. 

Adele Destro, Interim Administrator 

Sunshine Ordinance Task Force 

1 Dr. Carlton B. Goodlett Place, Room 244 

San Francisco CA 94102-4689 

by phone at 415 554 7724 

by fax at 41 5 554 7854 

or by email at sotf@sfgov.org 

Citizens interested in obtaining a free copy of the Sunshine Ordinance can request a copy from Ms. Destro or by 
printing Chapter 67 of the San Francisco Administrative Code on the Internet, http://www.sfgov.org/sunshine/ 



Lobbyist Registration and Reporting Requirements 

Individuals and entities that influence or attempt to influence local legislative or administrative action may be 
required by the San Francisco Lobbyist Ordinance (San Francisco Campaign and Governmental Conduct Code 
sections 2.100 - 2.160) to register and report lobbying activity. For more information about the Lobbyist 
Ordinance, please contact the Ethics Commission at 30 van ness Avenue, Suite 3900, San Francisco, CA 94102, 
telephone (415) 581-2300, fax (415) 581-2317 and web site: www.sfgov.ora/ethics 




CALENDAR 

RETIREMENT BOARD 

PUBLIC INVESTMENT COMMITTEE 

CITY AND COUNTY OF SAN FRANCISCO 

30 Van Ness Avenue, Suite 3000 
San Francisco, CA 94102 



IS-/0S-" 



PUBLIC INVESTMENT COMMITTEE 

Commissioner Brenda Wright (Chair) 

Commissioner Al Casciato 

Commissioner Michael Kim 



Tuesday, March 15, 2005 
8:30 am 



DOCUMENTS DEPT. 

MAR 1 5 2005 

SAN FRANCISCO 
PUBLIC LIBRARY 

• 



THE COMMITTEE WILL NOT MEET DUE TO LACK OF 
QUORUM 



San Francisco Employees: June 21. 2005 



Page 1 of 2 



@apv 



sfgov I residents | business | government | visitors | online services | search 
San Francisco Emrjoyeel Retirementiystem >> Meeting Information >> Public Investment Committee 

San Francisco Employees' Retirement System 
June 21, 2005 



E 



CALENDAR 



RETIREMENT BOARD 



PUBLIC INVESTMENT COMMITTEE 



CITY AND COUNTY OF SAN FRANCISCO 



30 Van Ness Avenue, Suite 3000 
San Francisco, CA 94102 

PUBLIC INVESTMENT COMMITTEE 

Commiss ione r Brenda Wright (Chair) 

Comm is sioner Al Ca sciato 

Commissioner Michael Kim 

Tuesday, June 21, 2005 

8:30 am 

Roll Call 

Pledge of Allegiance 

Public Comment 

Members of the public shall have an opportunity to directly address the Public Investment Committee on 
items of interest to the public that are within the subject matter jurisdiction of the Public Investment 
Committee including items being considered today. Members of the public may address the Public 
Investment Committee now or at the time an item on today's agenda is being considered Members of the 
public may address the Public Investment Committee for up to five minutes. The Chair may limit the total 
testimony to 30 minutes 

1 . Approval of Minutes of Tuesday, August 17, 2004 Public Investment Committee meeting. 



DOCUMENTS DEPT. 
DEC 1 3 Z006 

SAN FRANCISCO 
PUBLIC LIBRARY 



littir"uu\\ sfonv nro/site/sfprs na{re_asn?id=32597 



12 13 2006 



San Francisco Employees: June 21, 2005 Page 2 of 2 

Action: 
2. Discussion of Evaluation Criteria for Public Investment Consultants 
Discussion Only: 

3. Discussion of Quarterly Performance Reporting 
Discussion Only: 

4. Adjournment 



u*-*„.// _r /_.-i_/_r 




MINUTES 

RETIREMENT BOARD 

PUBLIC INVESTMENT COMMITTEE 

CITY AND COUNTY OF SAN FRANCISCO 

30 Van Ness Avenue, Suite 3000 
San Francisco, CA 94102 

Tuesday, June 21, 2005 
8:30 am 



Roll Call 

Commissioner Brenda Wright (Chair) 
Commissioner Al Casciato 
Commissioner Michael Kim 

Pledge of Allegiance 

Public Comment 

There was no public comment. 

Commissioner Wright welcomed V\ 
Employees' Retirement System. 



:30 
:30 
:30 



DOCUMENTS DEPT 
OCT 3 1 2005 

SAN FRANCISCO 
PUBLIC LIBRARY 



lliam Coaker, a new Senior Investment Officer with the 



Approval of Minutes of Tuesday, August 17, 2004 Public Investment Committee meeting. 
Action: It was moved by Commissioner Casciato, seconded by Commissioner Kim, to approve the 
minutes of the August 17, 2004 Public Investment Committee. 



Approved by the following vote: 
Ayes: Casciato, Kim, Wright 



Discussion of Evaluation Criteria for Public Investment Consultants 

David Kushner, Deputy Director for Investments, presented a written and oral report on this item. 

The Board engaged in a question and answer session on this item. 

Commissioner Casciato inquired regarding the outcome of the former consulting contract with Cooper. 
Clare Murphy, Executive Director, reviewed the Cooper contract and confirmed that there were no 
funds remaining from that contract. 

Commissioner Wright recommended that the Committee develop evaluation criteria for consultants, 
and that the Committee conduct an evaluation on a periodic basis (quarterty/semi-annually). A 
consultant could assist the Committee in this process. 

Commissioner Casciato discussed the impact of public meeting laws on the consultant evaluation 
process. Leslie Kautz, Angeles Investment Advisors, discussed their experience with the consultant 
evaluation process and the need to separate fact from perception in the reporting of the evaluation 
process. 



Commissioner Wright inquired through the City Attorney if the evaluation process could be conducted 
in closed session. Dan Maguire, Deputy City Attorney, indicated that consultant evaluation would not 
fall under the personnel exception to public meeting laws. 

Leslie Kautz and Dick Piket, Senior Investment Officer, discussed the review process conducted by 
Greenwich Consulting; Commissioner Wright requested more information on this process. 

Commissioner Casciato and Mr. Kushner reviewed existing efforts by staff and consultant. 

Ms. Murphy and Commissioner Wright discussed the process for notifying the Board of potential 
problems with existing consultants. 

Mr. Kushner discussed Board expectations regarding consultant performance. Commissioner Wright 
suggested that staff and consultant create a report documenting staffs role in assessing consultants 
through existing efforts, including the frequency of the review. 

Staff will report back at the September Committee meeting. 

This was an information only item. 

Discussion of Quarterly Performance Reporting 

David Kushner, Deputy Director for Investments, presented a written and oral report on this item. 

The Board engaged in a question and answer session on this item. 

Commissioner Casciato discussed the advantages of receiving executive summaries and electronic 
transmission of materials. Commissioners Kim and Wright noted that individual Commissioners have 
varying needs for different levels of data. Commissioner Kim noted that the staff and consultant 
executive summaries appear to duplicate effort, and recommended that the staff executive summary 
highlight staff analysis of consultant recommendations. 

This was an information only item. 

Adjournment 

There being no further business, the Public Investments Committee adjourned its meeting at 10:00 
a.m. 

Respectfully submitted, 



Clare M. Murphy I ^ 

Executive Director